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Converting Office Space to Residential Housing (CRS Report for Congress)

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Release Date Sept. 27, 2023
Report Number IN12257
Report Type Insight
Authors Lida R. Weinstock
Source Agency Congressional Research Service
Summary:

Since the COVID-19 pandemic began, telework has increased on average—estimates vary, but several sources show a significant increase—leaving some office space unused or underutilized. According to the National Association of Realtors, the vacancy rate for offices increased by 3% between 2019 and 2022. At the same time, residential housing supply has been constrained, leading some to suggest converting unused office space to residential units. This Insight discusses some of the key debates surrounding the idea of office conversions as well as policy considerations in this area.